Great News! Mortgage Insurance may be Tax Deductible

In the bipartisan tax bill agreed to on February 9th, 2018, Congress is extending a number of tax policies including an extension of the homeowner’s income tax deduction for mortgage insurance.

Here’s what you need to know:

  • Deduction for Mortgage Insurance: Households with a total adjusted gross income of $100,000 or less will still be able to deduct 100% of their mortgage insurance premiums.
    This deduction is extended through the end of 2017. Depending on the amount of private mortgage insurance paid, this can save homeowners hundreds, or even thousands of dollars.

As the tax season is fast approaching, homeowners should definitely ask their tax adviser for more information to take advantage of this deduction on their 2017 tax return.

Thank you to Bonika Wong at National MI for this information.

IMPORTANT: Always consult a qualified tax professional on an tax related questions.